Blockchain start-up INVioU looks to raise $2m
INVioU looks to raise $2m
INVioU, an Israel-based tech start-up, looks to “create new possibilities of factoring for small businesses by using blockchain technology” and is in the process of raising $2 million.
The company says it has already acquired $300,000.
INVioU also says it has assembled “an impressive team of entrepreneurs who have extensive experience and know-how in the fields of financing, blockchain, and fintech”. This includes chief executive Dror Shapira, the son of Israel’s State Comptroller, Yosef Shapira; and chief product officer Yair Zehavi, who was a key figure in establishing the Israeli national savings exchange (where he was deputy CEO and VP of operations and products).
Its services are globally offered and suitable for any business with electronic invoices. It focuses on addressing SMEs’ need for “quick cash”.
“Invoices cannot be counterfeited on the blockchain,” the company explains, “as the information is encrypted and transparent to all permissioned parties, minimising the risk and establishing trust between trust-less participants, the issuer of the invoice and the credit provider.
“Onboarding is conducted through a simple customer registration and a transparent interface to the digital invoice system. The initial onboarding process, including the invoice history recording on the blockchain platform, credit scoring, and financing of the first invoice, takes only one day, and recurring invoice financing is much faster, significantly quicker than is customary in this field.”
INVioU adds that its system is defined in full compliance with the European General Data Protection Regulation (GDPR).
It is already running in preliminary mode and will be active in early 2019. In Q2, a pilot version will be presented with strategic partners.
